Abstract
AbstractThis article examines how the currently high level of the UK's debt–GDP ratio can be reduced. We consider whether anything can be learned from previous experience over the last 120 years by examining the contributions both to the increase in the debt–GDP ratio and to the reduction of the debt–GDP ratio by various components of the government budget constraint: the primary surplus, growth, inflation, and interest rates and payments. We also examine the effectiveness of policy in influencing these components. We conclude by considering what level of UK debt might be sustainable and whether this is economically and politically achievable.
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